Manchester, NH -- (SBWIRE) -- 07/21/2016 -- In the past years, many countries from around the world have experienced an alarming rate of crimes related to data breaches. While authorities and banking institutions have been taking measures to reduce the crime rate, it seems that the number of people who are victimized by thieves is still increasing.
Identity theft account for 54 percent of data breaches. Identity theft is a crime that has been dominating the headlines nowadays. The EMV technology has promised to make financial transactions such as payment processes safer.
However, unfortunately, it has been predicted that fraud would remain to be a growing global problem in the coming years.
In 2014, it was found that data breaches compromised over a billion of data records. According to experts, twelve percent of the breaches took place in the financial services sector and 11 percent in the retail sector.
It was also found that malicious insiders accounted for 15 percent and 55 percent for malicious outsiders.
There have been highly-publicized breaches recorded in the recent years. Thousands to millions of records have been accessed in online stores, retail shops, restaurants, appliance centers, and other establishments.
Most of the credit card cases took place in the United States. As a matter of fact, according to Barclays, the United States is responsible for 47 percent of the card fraud cases worldwide despite of accounting only 24 percent of the global card volume.
Unfortunately, the high prevalence of debit and credit card fraud in the United States also affect other countries such as the United Kingdom. In 2015, 35 percent of losses related to fraud occurred in the United States.
It was also found that 10 percent happened in Australia and France, 9 percent in Canada, and 6 percent in Germany.
According to experts, cross-border fraud takes place when the credit or debit cards of users in one country are used by crooks for fraudulent purposes in another country. It was found that 47 percent of cross-border fraud cases involving U.K. credit cards took place in the United States.
This type of fraud is not cheap as almost 90 percent of individuals victimized by card breach crimes receive replacement credit cards. This costs the issuers as much as $12.75 every card.
Consumers who want to protect their credit and debit cards may use the set of RFID blocking sleeves. These sleeves are designed to help consumers increase their protection against the fraudsters with skimming devices, which work by reading and stealing information from debit and credit cards. (www.amazon.com/rfid-sleeves-for-credit-cards/dp/B0150T0AI2).
About RFID Vault
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SOURCE LINK: http://www.nasdaq.com/article/credit-card-fraud-and-id-theft-statistics-cm520388#ixzz3z3RT6kcJ
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